I cover money and biz in the entertainment industry here at Forbes. I am also assistant online editor for Forbes's Business channel, which covers topics from economics and Wall Street to health care and Washington. I graduated from U.C. Davis with B.A.s in English, Economics, and a minor in Textiles & Clothing. Previous stints at The New Yorker, Morgan Stanley and Vogue. Way before that, I worked as a showroom assistant at The Row, where I wore too much leather and black. My writing has appeared in Los Angeles Magazine, Performer Magazine and NewYorker.com. Email me at vle@forbes.com.

The S.I. Swimsuit Cover Models: Where Are They Now?

It’s a marker of the seasons: a few weeks after pro football goes into hibernation, we are greeted by a strikingly beautiful model on the cover of Sports Illustrated.

S.I.‘s annual swimsuit issue, one of the most successful single-issue magazine franchises in the world, will hit newsstands next Tuesday, on February 12. But on Monday night, as viewers tune in to watch the unveiling of the cover on “Late Night with David Letterman,” they also could be witnessing a supermodel in the making.

The swimsuit issue cover has launched careers and marked the passing of the torch of supermodel succession – from Brinkley to Tiegs, Ireland to Klum. Sure, the paycheck is about as skimpy as the bikinis they’re photographed in, but star treatment in the magazine has been an express lane to a bountiful supply of endorsement deals, modeling contracts, and a fan base that will remain forever loyal. The website alone has an audience of more than 70 million.

Heidi Klum says her first cover appearance in 1998 was a career-changing moment. “I remember kneeling in the sand, and they were yelling, ‘This is the cover! This is the cover!’ ” she told Forbes. To be fair, the exact words were shouted at the next model who posed in the sand. “They made me pose with monkeys who were trying to take my swimsuit off, wrapped a python around me, had me washing an elephant – but I was game.” And after all the exhibitionistic insanity, Klum got the cover shot.

Since landing the cover, Klum has launched numerous fragrance lines (she has a new one hitting stores this month) and has held contracts with Jordache, Volkswagen and Victoria’s Secret. Her multimillion dollar empire now includes two television shows (“Project Runway,” “Germany’s Next Top Model”), and clothing lines with Babies “R” Us and New Balance.

“It’s like winning the lottery,” said Klum. “But it’s up to you what you end up doing with the prize.” She likens the S.I. cover to a stepping stone leading up to levels of personal success: “You get there, and you either take the next challenge, or miss out on the opportunities.”

So who got lost along the way? Veronika Vařeková, who landed a cover in 2004 and appeared in the swimsuit editions eight times, has had a static portfolio in the past few years. Valeria Mazza, who appeared on the 1996 cover with Tyra Banks didn’t leave much of a mark, either. The Argentine model, now 40, has appeared in a few magazines (Vogue, Elle), but hasn’t signed any major contracts in the U.S.

But then there’s Kathy Ireland, arguably the biggest winner and most famous of the cover models. The misty-eyed brunette appeared in the swimsuit issue for a 13 consecutive years. Her first cover shot, in 1989, is still the best-selling issue to date.

Aside from knowing how to make a skin-tight bikini look as fetching as possible, she’s also a pro at branding. Kathy Ireland Worldwide generates a fortune by licensing her name to retail products–from home furnishings to wedding gowns – marketed towards middle American moms. We estimated her company’s worth at $300 million last year, and her business record impressed us enough to put her on a Forbes cover.

Ivan Bart, managing director of IMG Models, says landing a swimsuit cover is “a branding tool that gives the model an opportunity to be on the larger platform.” His management firm represents several models who have appeared on past swimsuit covers, including Irina Shayk, Tyra Banks and Carolyn Murphy. (Bart said the upcoming issue will feature six models from IMG.)

“With the launch comes a lot of press, like being seen at the Super Bowl – that’s a huge deal,” he said. Kate Upton, also repped by IMG, garnered a significant amount of attention when her racy commercial for the new Mercedes-BenzMercedes-Benz CLA premiered during this year’s Super Bowl XLVII. The 20-year-old found instant success after being featured on last year’s cover, landing major ad campaigns with DirecTV, Carl’s Jr. and Sam Edelman shoes.

Bart believes Upton’s cover was a paradigm shift for S.I. and the modeling industry — it’s a good thing for America to embrace a model today who’s a bit Marilyn Monroe, a bit Jayne Mansfield, and is more likely to be seen holding a burger than a StarbucksStarbucks cup.

For Tyra Banks, who appeared on the cover two years in a row, the swimsuit issue was more than just a career supercharger — it was an opportunity to deliver a global message. “Being a black woman on the cover of a mass magazine did a lot for black beauty and expanded on what beauty means worldwide,” she said.

Banks segued from the runway into TV, creating the forerunner of fashion reality television. “America’s Next Top Model” is now airing in 184 countries and in two dozen international formats. The supermodel also just completed Harvard Business School’s OPM program, proving that a model’s road to multimillions is no vacuous task–it requires boobs and brains.

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